IDG leads $50m round for China online pet store
IDG Capital has led a Series B round of funding worth $50 million for Epet.com, a Chinese e-commerce platform that sells pet-related food products and other services.
The proceeds will be used to expand the company’s global presence and for brand promotion. It expects China's pet services industry to see significant growth, driven by demand from a generation of Chinese consumers born after 1990.
Operated by Chongqing Epet Technology, the B2C-focused online platform was launched in July 2009. It sells dry and wet food products as well as offering hair trimming and bathing services for pets. In 2013, the parent company launched gutou.com, an online social networking platform that connects pet owners.
Headquartered in Chongqing, Epet has customer service centers in Beijing, Shanghai, Guangzhou, Chengdu, and Xi’an. The company also has self-operated warehouses and logistics teams in 11 cities nationwide.
Similar transactions in this space include KKR’s investment into Gambol Pet Group, a China-based company that sells pet food products, and a $25 million round - featuring investors such as Goldman Sachs - for Boqii.com, a social network and e-commerce platform for pet owners.
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